Nevada draws in people from across the globe to attractions such as Las Vegas and Reno, as well as the beautiful shores of Lake Tahoe. The appropriately named Silver State is synonymous with high-end resorts, world-class entertainment and, of course, gambling. While poker, slot machines, and roulette are big contributors to the state’s $126 billion gross state product, Nevada’s economy is comprised of so much more. Out past the neon lights, rural Nevadans are dependent on cattle ranching and mining. Nevada gold production accounts for nearly 5.5% of the world’s total, while its silver output is the second highest in the United States.1
While most people think major casino corporations dominate Nevada’s economy, the Silver State is heavily reliant on small businesses. Independent firms represent 95.6% of Nevada’s employers and provide paychecks to 42% of the state’s private-sector workforce. With around 223,000 small businesses employing over 418,000 people, these companies make a vital contribution to the state’s economy.2
Many small businesses in Nevada provide support for the gaming and resort industries with the majority specializing in accommodations and food services, entertainment and recreation, real estate and rental services, and administration and technical services. From restaurant suppliers to slot machine repair services, all Nevada employers who have at least one worker must carry workers’ compensation insurance.3 This no-fault insurance program provides benefits to employees who are injured on the job while protecting employers from costly lawsuits.
The leading Silver State employers purchasing workers’ compensation include restaurants, hotels and retail stores.
Interested in learning more about how EMPLOYERS can help your Nevada business? Request a quote for workers’ compensation insurance from EMPLOYERS!
1 Nevada Mining Industry Summary of Economic Impact,“ Nevada Mining Association, May, 2015. https://www.nevadamining.org/wp-content/uploads/2018/01/NVMA-Annual-Convention-2015_FINAL.pdf
2 “Small Business Profile, Nevada,” SBA Office of Advocacy, February, 2013. www.sba.gov/sites/default/files/nv12.pdf.
3 “Workers’ Compensation Frequently Asked Questions,” Nevada Department of Business and Industry, September 26, 2012.http://dirweb.state.nv.us/WCS/FAQs.pdf.
In Nevada, Workers' compensation insurance and services are offered through Employers Preferred Insurance Company, Employers Compensation Insurance Company, Employers Insurance Company of Nevada and Employers Assurance Company. Not all insurers do business in all jurisdictions.